Ministry of SMEs to Launch ‘Coexistence Payback’ Program Next Month. (Image courtesy of Yonhap)
SEOUL, Aug. 21 (Korea Bizwire) — The South Korean government will launch a nationwide refund program this fall that reimburses consumers for part of their credit card spending in an effort to revive household demand and support small businesses.
The Ministry of SMEs and Startups said Wednesday that the “Coexistence Payback” scheme will run from September through November, offering monthly refunds of up to 100,000 won ($74) — capped at 300,000 won over three months — for adults whose card spending exceeds their 2024 monthly average.
Refunds will be issued as digital Onnuri gift certificates, which can be used at roughly 130,000 affiliated merchants, including traditional markets and small neighborhood shops.
The certificates remain valid for five years. Eligible spending includes domestic transactions on credit and debit cards as well as Samsung Pay and Apple Pay.
Payouts begin October 15, with subsequent refunds distributed on the 15th of each following month. Applications open September 15 and run through November 30 on a dedicated website, with in-person assistance available at local market associations, small-business support centers, and designated banks.
(Image courtesy of Ministry of SMEs)
To further boost participation, the government is adding a lottery-style “Coexistence Consumption Raffle.” Participants automatically receive entries based on their eligible Payback spending through October 12, with one ticket awarded for every 50,000 won spent, up to 10 tickets.
The raffle will award 10 first-prize winners refunds of 20 million won each, alongside smaller prizes, for a total pool worth 10 billion won.
The initiative, backed by a 1.37 trillion won ($1 billion) supplementary budget approved in May, underscores Seoul’s push to shore up consumer confidence amid lingering economic headwinds. Officials stressed that no links or text messages would be sent to participants to prevent phishing scams.
“We hope Coexistence Payback will complement earlier consumption coupons and help stimulate spending while easing burdens on households,” a ministry official said. “We encourage as many people as possible to apply and take part in both the refund program and the raffle.”
M. H. Lee (mhlee@koreabizwire.com)
